The flexible elastomeric foam market is projected to grow from USD 2.2 billion in 2018 to USD 2.7 billion by 2023, at a CAGR of 4.72% between 2018 and 2023. APAC is the largest consumer of flexible elastomeric foam. The flexible elastomeric foam is witnessing high demand from various new constructions and increasing industrialization in APAC.
Some of the major players in the market include Armacell (Germany), L'ISOLANTE K-FLEX (Italy), Kaimann (Germany), Aeroflex (US), Rogers Corporation (US), and Hira Industries (Dubai). These players have adopted various strategies, such as merger & acquisition, expansion, and new product launch to grow in the market. New product launch was the key strategy adopted by the major players between 2015 and 2018. This strategy accounted for a share of 38% of all growth strategies adopted by key market players and helped companies enhance their market and expand global presence.
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Armacell (Germany) manufactures advanced insulation and engineered foams and is a leading foam insulation manufacturer. It operates through two business segments, namely, advanced insulation and engineered foams. The company, through its advanced insulation segment, offers foam insulation, and through its engineered foams segment, develops high-performance foams for use in a broad range of industries such as transportation, automotive, wind energy, sports, and construction. The company has 25 manufacturing plants in 16 countries, worldwide. It has been launching new products in the flexible elastomeric foam market. For example, in November 2017, Armacell launched its new product, AP Armaflex, specially designed for grooved fittings. This pre-fabricated product offers exceptional time and saves labor.
There are several major European players in the flexible elastomeric foam market. Italy-based company, L'ISOLANTE K-FLEX, is also one of the market leaders. The company has a strong customer base and operates in various countries in Europe and APAC. It has its presence in 63 countries and has 12 production facilities. The company mainly focuses on the development of new products to grow its business. For example, in July 2016, K-Flex started the development of a new product line for acoustic and thermal insulation. These foams are used in the automotive & transportation end-use industry and are available in the form of sheets and pipes.
Flexible Elastomeric Foam Market by Type (Natural Rubber, NBR/PVC, EPDM, CR), Function (Thermal, Acoustic), End-use Industry (HVAC, Automotive & Transportation), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2023
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